Copper Futures--- Copper futures in the September contract settled last Friday in New York at 2.8850 a pound while currently trading at 2.9120 up nearly 300 points for the trading week as I have been recommending a bullish position for several weeks from around the 2.71 level and if you took the trade place the stop loss which has been raised to 2.86 as the chart structure will not improve for another 3 trading sessions so you are you going to have to accept the monetary risk at this time.
Copper prices are trading above their 20 and 100 day moving average telling you that the trend is to the upside as the chart structure is outstanding at the present time for such a large contract, however for the bullish momentum to continue we are going to have to break the August 9th high of 2.9550 as copper has been riding the coattails of the stock market which had a hiccup this week due to the fact of major tensions between the United States and North Korea selling off many different sectors across the board.
There are many bullish factors why copper prices continue to move higher including the housing market which is very strong coupled with the fact of strong demand from physical copper as I still think prices can break the 300 level and if that happens we could be off to the races to the upside as long as the stock market can stabilize so stay long & continue to place the proper stop loss. TREND: HIGHER–CHART STRUCTURE: EXCELLENT
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